Tech stocks dropped late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) eased 0.2% and the SPDR S&P Semiconductor ETF (XSD) falling 0.7%.

The Philadelphia Semiconductor index decreased 0.5%.

In corporate news, Microsoft-backed (MSFT) OpenAI's video-generating app Sora reached 1 million downloads in less than five days after launch, Sora head Bill Peebles said in late Wednesday post on X. Microsoft shares fell 0.7%.

Nutanix's (NTNX) shares fell 3.4% after Northland Securities downgraded the stock to market perform from outperform.

Alphabet's (GOOG) Google launched AI-backed conversational platform Gemini Enterprise, which is built with the most advanced Gemini models. Alphabet shares fell 1.5%.

Nvidia (NVDA) shares rose 1.9%. The company secured approval to export several billion dollars' worth of AI-compatible chips to the United Arab Emirates, Bloomberg reported.